AIICO Insurance Plc paid out about N1.7 billion to its customers in fulfilment of contractual obligations covering claims, benefits, loans and maturity payments, a scorecard detailing the firm’s performance within the first 21 days of COVID-19 lockdown, has revealed.
A statement by the underwriter’s Head, Strategic Marketing & Communications Department, Segun Olalandu, quoted the Executive Director Retail Business, Sola Ajayi; stating that: “Within the first 3 weeks of the lockdown, we have paid N907 million in life insurance benefits to 1,441 individual customers and over N480 million to 10,275 Annuitants who are on our Life Annuity plan. For us, commitment is an act, not a word. These are extraordinary times, and we have evolved; we keep producing great results. This is part of the AIICO culture, and it has accounted for our high customer retention rate.” He concluded by saying “We are poised to do even more
The Executive Director, Corporate Business Division, Adewale Kadri, was equally bullish saying, “We are operational despite the lockdown and we are accepting discounted premium from our clients as palliatives to our loyal customers during this trying period. We deliver insurance certificates including policy documents within minutes. Over 250 valued Brokers have had their claims of over N300 million settled within 48 hours. Our online real-time platform has delighted all our Brokers in this regard, and we receive compliments almost daily on our service delivery.
According to the company’s Managing Director, Babatunde Fajemirokun, “The daily volume of transactions is proof that our investment in infrastructure for Business Continuity is worth every penny and built for the long term. AIICO’s Business Continuity Management System (BCMS) is certified using standards set by the British Standard Institute. Our well-motivated employees, who are working remotely, have played a significant role in making things happen.
In addition to this, we are monitoring the COVID-19 situation closely and its effect on consumer behaviour. As a Company with a long obsession for excellent customer experience, we are evolving and adapting to changing customer preferences. Our mode of operation is continually evolving to cater to the needs of existing and prospective customers. We have not only been paying out, we have also been attracting and underwriting new businesses within the period.”
The company believes that the individual sacrifice that everyone is making now to reduce the spread of COVID-19 will pay off. While things may not settle back as it once was immediately, they assure their customers’ availability of services and their commitment to customers will have no limitations due to the lockdown. The Company’s digital platforms have aided unfettered engagements between it and its customers.
AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving our clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.
Falekulo Emerges New MD Of Nigeria Re
Mr Olugbenga Falekulo has been appointed as the new Managing Director of Nigeria Reinsurance Corporation, as part of efforts to ensure that the Reinsurance firm continue in its quest for transparent and accountable management of insurance in the country.
Falekulo, with over 25 years of experience spanning across the sector, said he brought his wealth of experience and professionalism to the fore.
The new Managing Director stated that he and his team are prepared to take Nigeria Re to the next level in the market.
Although he did not disclose the strategic plans the new new management have put together, he assured that Nigeria Re is taking a new dimension in the insurance industry, promising that a new era is here for the company.
He has BSc in Insurance, Masters in Business Administration, and he is also a.member of the Chartered Insurance Institute of London.
Prior to this appointment, he had worked with NICON Insurance, Great Nigeria and Continental Re. He left Continental as an Exexutive Director before in 2014 and went into his private business.
He is well travelled and has attended so many courses within and outside Nigeria. He is married with children.
Nigeria Reinsurance has Mr Mela Audu Nunghe as its Chairman, Falekulo as Managing Director/Chief Executive Officer, Mr Olusegun Ilori as Executive Director, Finance & Administration, Mr Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director, and Mrs Yvonne Isichei as Non-Executive Director (Independent).
Nigeria Reinsurance was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria. In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares. The Corporation, which has been in operation for over 40 years, is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.
Pension Fund Assets Now N12. 7trillion, Contributors 9. 4million
By Sola Alabadan
The pension fund assets accumulated under the Contributory Scheme in Nigeria was N12.66 trillion as at 30 June 2021, while the number of registered contributors has grown to 9.38 million, the Director General, National Pension Commission (PenCom), Aisha Dahir-Umar, said.
She stated this at the workshop organised PenCom for journalists in Lagos on Monday. The theme of the workshop was “Positioning the Pension Industry in a Post COVID Era”.